: Consolidated Performance FY 2016 vs. FY 2017 Table 2 : Sales Revenue breakdown by business unit (Unit: THB million) Table 3: Adjusted EBITDA breakdown by business unit (Unit: THB million) Unit (Mil l ion Baht

MANAGEMENT DISCUSSION & ANALYSIS 2Q 2019 7 AUGUST 2019 MASTER AD PUBLIC COMPANY LIMITED NATIONWIDE COVERAGE 1 QUARTERLY BUSINESS REVIEW – 2Q 2019  Consolidated revenue increased by 161.5% YoY to THB

Malaysia market by acquiring 25.0% in PBSB, whose business is providing a diversified OOH media network including Transit, Office, Outdoor, Aviation and In-store media.  In March 2018, VGM also invested

million net of tax income from deferred tax assets amounting to THB 84 million. Exhibit 2 : Sales Revenue and Adjusted EBITDA breakdown by business unit comparison of 2Q2018 vs. 2Q2017 vs. 1Q2018 vs. 6M

to the Project Crossroads Phase 2. Since the Company group plans to proceed on a marketing for the Project Crossroads Phase 1 to promote to enhance public's awareness and to prepare for business

network quality and superior customer experience. In 3Q18, we engaged in two key partnerships to strengthen core business as well as to drive our mobile money business. First, we have announced a strategic

เปนมาและพัฒนาการที่สําคัญ B. Business overview ภาพรวมการประกอบธุรกิจ C. Organization Structure โครงสรางบริษัท D. Property, Plants and Equipment ทรัพยสินท่ีใชในการประกอบธุรกิจ V. OPERATING AND

QUARTERLY BUSINESS HIGHLIGHTS – 3M 2020 Consolidated revenue decreased by 13.7% YoY to THB 612mn o Advertising revenue increased by 3.1% YoY to THB 270mn o System integration services revenue decreased by

cardholders. For overseas business in Cambodia, Myanmar and Laos, they have active customers more than 224,735 with representing 8% of total company customers. The Company and subsidiaries are managing

incurred is monetary (loss of benefits that should have been gained or increase of cost or expense, for instance) or non-monetary (adverse impact to market or business trustworthiness; (3) other relevant